Countries must prepare to deal with stablecoins: FM

• Union Finance Minister Nirmala Sitharaman indicated a potential shift in India’s cryptocurrency policy regarding stablecoins.

• She emphasized that countries must be ready to engage with stablecoins, which are transforming money and capital flows.

• Ms. Sitharaman highlighted a critical decision for nations: adapt to new monetary architectures or face exclusion.

• Stablecoins are pegged to underlying assets, such as currencies or precious metals, and aim to maintain stable prices.

• Currently, India has not legalized private cryptocurrencies but taxes transactions involving them, juxtaposed with the RBI’s call for a ban on virtual digital assets.

• The RBI is exploring its own Central Bank Digital Currency (CBDC), which has legal backing akin to official currency.

• Sitharaman noted India’s strong capacity to manage external shocks and its evolving economic leverage amid global strategic changes.

Stablecoin risks for governments is important topic for Civil service exam (WBCS).

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